Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
European Commission officials finally admitted what economists have been saying for months: the recession across the eurozone will continue through 2013.
The Commission said the eurozone’s economy is expected to shrink .3% during 2013. The Commission has been holding to a previous published report that the eurozone would see .1% growth during the year. The economy shrank .6% during 2012.
Governments in the zone are facing issues with overspending with several failing to meet targets for deficit reduction. Spain, with a deficit of 10.2% of GDP, is well above the 6.3% target and is not expected to meet any goals until at least 2014.
Commission Vice-President Olli Rehn admitted that unemployment would continue rising to likely 12.2% before the end of the year. Last year’s unemployment rate was 11.4%.
The admission comes on the heels of the International Monetary Fund announcing they were reversing their prediction of growth in 2013.
Several eurozone government leaders are pointing the finger at France for a major part of the problem saying the French are way behind other countries in debt reduction. The country’s restrictive labor rules, including a 35 hour work week, are being pointed to as a source of problems for growth.
